Driving growth with Industrial Internet of Things

AS the world struggles to leave behind a period of weak demand and poor productivity growth, many business and government leaders are looking to the next wave of technology innovation to revitalise their economies. The Industrial Internet of Things (IIoT) could be the largest driver of economic growth and employment in the next decade. But much of its potential is at risk of being lost as companies and policymakers fail to exploit the opportunity.

The IIoT will create new markets as data from billions of connected devices unleash an era of services innovation that will generate new revenue streams for manufacturers and those who serve the industrial sectors. Its impact will extend to two-thirds of the world economy.

It could add as much as US$14.2 trillion to 20 of the world's major economies over the next 15 years, according to the latest analysis from Accenture that was released in conjunction with the World Economic Forum in Davos, Switzerland. It also promises a greater fillip to hard-pressed, mature economies than to their emerging-market competitors. This would help restore a more healthy trade balance in the global economy.